Don’t Ask Your Bank Account to Spot You

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Payday always seems like so far away. You get paid, money goes to bills, food, and your other expenses and then it feels like dry season for a while until next payday.

Right in the middle of this banking drought of yours, you are tempted to purchase something. A crazy flash sale might be going on at the mall. A surprise Beyonce concert could have just popped up. Dog adoptions are going on across the street (my weakness…).

You’re tempted to make a big purchase but payday is far off. It’s crackin’ decision time. The agonizing choice of a) not buying it (nooo!) b) putting it on the credit card and worrying about it later or c) pulling out your debit card and using the small amount you have left in your checking account. Waiting on a hope and a prayer for payday to come fast.

The hope is that your bank account will spot you.

It’ll look out for you while you make the purchase. There isn’t much left your bank account can give you but payday should be coming soon so all will (in theory) be well. The money will come in hopefully as expected.

That person you helped out last week is supposed to be giving you a check on Wednesday. The direct deposit from your full-time job will hit on Friday. Your one pesky freelance client who still hasn’t paid you said they will be sending the money over tomorrow.

Everything will be fine, you say with a slight twitch in your eye and faster than normal heartbeat. Your bank account isn’t a good thing to provide you a spot. Keep a buffer in checking account.

Maybe you’re a person that likes to live on the edge. A few steps from an overdraft notice or a credit card bill to big to pay in full at the due date. While it’s cool to buy something you’ve had your eye on, make sure your checking account is in a healthy place to justify it.

Not necessary an emergency fund (although those are important!) but also have a buffer in your checking account. Some wiggle room. A cushion that won’t deflate quickly in the event of a payday delay.

Asking for a spot is good, but keep it to the gym and not your bank account.

What you do think about asking your bank account for a spot? Should you go out and spend money on the expectation of getting paid by a certain date?

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Colin // RebelwithaPlan

Colin Ashby is the writer behind Rebel with a Plan, a website dedicated to people who choose to rebel against the norm of living in debt and feeling financially unenlightened. He believes everyone has an eccentric quality to embrace and that lattes are sometimes a necessity (despite what the personal finance community tells you).

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